Global companies are ramping up convertible bond issuance in 2025, taking advantage of strong equity markets and investor appetite for hybrid debt, with tech and growth firms raising funds to avoid high borrowing costs. ...

证券代码：603126 证券简称：常青科技 江苏常青树新材料科技股份有限公司 （Jiangsu Evergreen New Material Technology Incorporated Company） （镇江新区青龙山路 3 号） 向不特定对象发行可转换公司债券 方案的论证分析报告 二〇二五年九月 第一节 本次发行证券及其品种选择的必要性 江苏常青树新材料科技股份有限公司（以下简称"公司"或"发行人"）是 上海证券交易所主板上市公司，为满足公司业务发展的资金需求，增强资本实力， 提升盈利能力，根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司证券发行 注册管理办法》（以下简称"《注册管理办法》"）等有关法律、法规和规范性 文件的规定，拟通过向不特定对象发行可转换公司债券（以下简称"本次发行"， 可转换公司债券简称"可转债"）的方式募集资金。 本论证分析报告中如无特别说明，相关用语具有与《江苏常青树新材料科技 股份有限公司向不特定对象发行可转换公司债券预案》相同的含义。 一、本次发行证券的种类 本次发行证券的种类为可转换为公司 A 股普 ...

Financing Methods for SMEs - Internal management financing is a method where organizations raise funds internally through loans to employees, utilizing retained earnings as the primary source, which is cost-effective and minimizes risk [3] - Accounts receivable financing allows companies to transfer their receivables to banks for loans, typically receiving 50% to 90% of the receivable's face value [4] - Accounts payable financing is a common method where businesses can delay payment to suppliers, allowing for easier access to funds without incurring financing costs [5][6] - Advance payment financing involves receiving partial or full payment before delivering goods, requiring strong operational performance and credibility from the purchasing company [7] - Corporate credit financing provides businesses with a credit limit from banks based on their creditworthiness, allowing for flexible borrowing within a specified period [8] - Credit guarantee loans are supported by credit guarantee institutions, which help SMEs secure loans from banks by providing guarantees [9] - Corporate bond financing involves issuing bonds to raise funds directly from the market, with higher interest rates for SMEs compared to larger corporations [10] - Convertible bond financing allows companies to issue bonds that can be converted into equity, providing flexibility and lower interest rates [11] - Securities-backed loans enable clients to use their securities as collateral for loans, balancing asset returns and liquidity [12] - Inventory pledge financing allows SMEs to use their inventory as collateral for loans, which is a common practice in developed countries [13] - Venture capital financing targets high-risk, high-potential return investments, particularly in technology-intensive sectors [14]

Core Viewpoint - The company plans to issue convertible bonds totaling no more than 1.5 billion yuan to unspecified investors, which will be convertible into the company's A-shares and listed on the Shanghai Stock Exchange [1] Fundraising Purpose - The raised funds will be used for the manufacturing projects of automotive-grade SiC MOSFET modules, IPM modules, and the industrialization of automotive-grade GaN modules, as well as to supplement working capital [1] Approval and Regulatory Process - The final issuance plan will be determined based on market conditions and the company's specific situation, requiring approval from the shareholders' meeting and registration with the Shanghai Stock Exchange and the China Securities Regulatory Commission [1]

Group 1 - The company announced the issuance of $500 million convertible preferred bonds maturing on June 1, 2032, with an annual interest rate of 2.25% [2][5] - The initial offering size was increased from $450 million to $500 million, with an option for qualified investors to purchase an additional $50 million within 13 days of the bond issuance [5] - The initial conversion rate is set at 30.2343 shares of ADS per $1,000 principal, translating to an initial conversion price of approximately $33.08 per ADS, representing a conversion premium of about 35% over the hedge sale price of $24.50 [6] Group 2 - The estimated net proceeds from the convertible bond issuance are approximately $486.1 million, or $534.9 million if the additional bond option is fully exercised, intended for working capital and refinancing existing debt [6] - The company disclosed a hedge placement of 6 million shares of ADS at a price of $24.50 per ADS, which will be lent to the underwriters' affiliates for sale [6] - The public offering of 5.2 million shares of ADS is priced at $24.50 per ADS, with underwriters granted a 30-day option to purchase up to an additional 780,000 shares at the same price [6]